Bisalloy Steel Group (BIS) AGM 2024 summary

Opening remarks and agenda

• Meeting opened virtually due to safety concerns from ongoing anti-war protests, with all directors, management, auditors, and share registry representatives introduced.

• Quorum confirmed, notice of meeting taken as read, and voting to be conducted by poll at the end of all business items.

• Agenda included formal business, polling, and a Q&A session, with shareholders able to submit questions throughout.

Financial performance review

• Achieved negative net debt and a 19% increase in profit after tax, enabling a final dividend of AUD 0.115 and a special dividend of AUD 0.13, totaling AUD 0.325 per share for FY2024.

• Strong financials driven by robust demand for wear plate, improved gross margins, and reduced freight costs.

• Group revenue was in line with last year, but profit before and after tax rose approximately 20% year-on-year, mainly from Australian operations.

• Reduction in energy and shipping costs, disciplined sales, and favorable product mix contributed to results.

Board and executive committee updates

• Board renewal over the past four years led to significant share price appreciation and increased dividends.

• Board committed to merit-based appointments and plans to consider gender diversity in future renewals.

• Chair confirmed as acting independently, with open board culture and robust internal challenge.